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  • #601
  • Jul 3, 2017 9:51am Jul 3, 2017 9:51am
Hi all, I am trying to build more positions on USD-CHF
It is in an interesting area and formed ( if th eclose will confirm) quad D1
I saw that the lenght of the impulse low is reducing and it can be a sign of a possible change of direction is starting
I am a bit worried about the possibility that the price could go a bit further down, testing the support of 0,95, but all the trades have some risks and it is part of the trading activity...let's see how it evolve
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFDaily.png Size: 49 KB
  • #602
  • Jul 3, 2017 5:32pm Jul 3, 2017 5:32pm
@Eldero,ive been watching USD/CHF too,i think it might go down a bit farther and hit the support line, but who knows?
  • #603
  • Jul 3, 2017 9:04pm Jul 3, 2017 9:04pm
Quoting Eldero
Hi all, I am trying to build more positions on USD-CHF It is in an interesting area and formed ( if th eclose will confirm) quad D1 I saw that the lenght of the impulse low is reducing and it can be a sign of a possible change of direction is starting I am a bit worried about the possibility that the price could go a bit further down, testing the support of 0,95, but all the trades have some risks and it is part of the trading activity...let's see how it evolve {image}
USDCHF [Now turned D1 QUAD-MML and its a major pair]

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB


1. Nice Quad-MML
2. Check for Post 1 criteria
3. Check the news on both currencies
4. Where will the SL go?
5. What reward to risk ratio looks feasible (check chart structure)
6. Where will the TP go?
7. What is the risk applied to this setup and is it worth entering now or at a later time in the trading day?

Great to see traders searching through the pairs and looking for the potentially great setups.

Masterrmind.............
Master your Mind then Master your Trades
  • #604
  • Jul 3, 2017 9:29pm Jul 3, 2017 9:29pm
Quoting Masterrmind
{quote} USDCHF [Now turned D1 QUAD-MML and its a major pair] {image} 1. Nice Quad-MML 2. Check for Post 1 criteria 3. Check the news on both currencies 4. Where will the SL go? 5. What reward to risk ratio looks feasible (check chart structure) 6. Where will the TP go? 7. What is the risk applied to this setup and is it worth entering now or at a later time in the trading day? Great to see traders searching through the pairs and looking for the potentially great setups. Masterrmind.............
USDCHF

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 53 KB


Consider a SL of just under 200 pips (less than this if price pulls back a bit today) similar to the one outlined on the attached chart.

If you shoot for the 2/8 MML in confluence with chart structure thats still about 370 pips above current price level.

Might have to wait until London Open or possibly NY Open to observe market interest.

A TP up nearer to the 4/8 Central Pivot is close on 600 pips.

How likely is it for price to rollover at this current level and dip down lower and keep going?

Masterrmind............
Master your Mind then Master your Trades
  • #605
  • Jul 3, 2017 9:38pm Jul 3, 2017 9:38pm
Sometimes the setups on Quad or MML or Quad-MML are few and far between on the D1 TF.

However, almost out of no-where the setups will start to unfold and a trader will be pushed hard to decide which one is the 'better' one to trade.

Use the process of elimination to narrow the choices and then start to focus on only a few.

It doesn't matter if your list of potential symbols is 4 or 6 or more even though you may plan to trade only the 1 symbol.
The learning process is what is important.

At the end of the day and prior to an entry a trader needs to be satisfied in their analysis and sure that the trade they enter is the 'best of the pick'.

Caution:
Do not be tempted into trading 'great' setups that would place your trading account outside an acceptable risk percent!

Be patient and stay focussed !

Masterrmind.........
Master your Mind then Master your Trades
  • #606
  • Jul 4, 2017 4:11am Jul 4, 2017 4:11am
Quoting Masterrmind
{quote} USDCHF {image} Consider a SL of just under 200 pips (less than this if price pulls back a bit today) similar to the one outlined on the attached chart. If you shoot for the 2/8 MML in confluence with chart structure thats still about 370 pips above current price level. Might have to wait until London Open or possibly NY Open to observe market interest. A TP up nearer to the 4/8 Central Pivot is close on 600 pips. How likely is it for price to rollover at this current level and dip down lower and keep going? Masterrmind............ ...
Hi Masterrmind, my intention would be to move the stop at be if price reaches the level of 98,50 that would be approx the 38,2 fibo of the down movement and where there is an important level ex support now resistance....then if prices retraces at approx 97,50 I would consider an additional position. Regarding the profit, I would try to let the trade goes until the 4/8 that would be approx the top of the down movement. This would be the ideal scenario. Of course we are at the beginning of the trade and I am aware that market is not influenced by my thoughts ( it would be awesome ) so, I will monitor the trade and will adjust my expectaction according to the price action. Anyway, I think it is important to have an idea of how the price could move and pre-think eventual actions. The risk is to remain conditioned by them and not to see what is really happening...let's see
  • #607
  • Jul 4, 2017 4:37am Jul 4, 2017 4:37am
Take a look at the 8/8ths to 0/8ths on all charts, 1st one Daily all the others 60min,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDUSDSBDaily.png Size: 76 KB
Click to Enlarge Name: NZDUSDSBH1512.png Size: 78 KB
Click to Enlarge Name: NZDUSDSBH1384.png Size: 96 KB
Click to Enlarge Name: NZDUSDSBH1256.png Size: 96 KB
Click to Enlarge Name: NZDUSDSBH1128.png Size: 96 KB
Click to Enlarge Name: NZDUSDSBH164.png Size: 95 KB
  • #608
  • Jul 4, 2017 4:48am Jul 4, 2017 4:48am
Quoting OAPDave
Take a look at the 8/8ths to 0/8ths on all charts, 1st one Daily all the others 60min, {image} {image} {image} {image} {image} {image}
In the last 4 charts the price is at the same MML and at the moment it seems that the 4/8 rejected the price twice. I don't now if you wanted to make us notice this. Can you kindly clarify what the charts are telling. Thank you
  • #609
  • Jul 4, 2017 5:08am Jul 4, 2017 5:08am
Lets watch ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCHFSBH1512.png Size: 86 KB
Click to Enlarge Name: USDCHFSBH164.png Size: 66 KB
  • #610
  • Jul 4, 2017 5:35am Jul 4, 2017 5:35am
Quoting OAPDave
Lets watch ? {image} {image}
OAPDave, it's difficult to me...I don't know...
I see the second chart ( 1h ) that shows that we are in an ovebought area and consequentially it would be possible a change direction or a retracement. The first chart shows a down trend but with a good bounce that reached and passed ( for now ) the 4/8
But, frankly I don't know what is your interpretation of that charts. You will surely have a deep knowlegde of price movements associated to MML, so I suppose you have other information from the charts....
  • #611
  • Jul 4, 2017 5:54am Jul 4, 2017 5:54am
Quoting Eldero
{quote} OAPDave, it's difficult to me...I don't know... I see the second chart ( 1h ) that shows that we are in an ovebought area and consequentially it would be possible a change direction or a retracement. The first chart shows a down trend but with a good bounce that reached and passed ( for now ) the 4/8 But, frankly I don't know what is your interpretation of that charts. You will surely have a deep knowlegde of price movements associated to MML, so I suppose you have other information from the charts....
This is a very polite question, have you looked, read or watched any of the Murrey information that Mastermind as shown links to in Post 1, its a lot to take in and its not easy at first glance but well worth it ? even now I still struggle that's why Mastermind and this thread is so good to bounce ideas and thoughts to , you always get a thoughtful answer, I am not a fan of the Quad pattern but clearly understand why the boss is showing it, to me Murrey is all you need, its up to yourself if you want to find big runners or aim to put food on the table with short sharp moves, or indeed add positions as your trade moves.
I do give you credit in that you are posting live trades and showing your trade plan to me all you have to do is see if Murrey matches your thoughts or indeed betters them at certain price levels of your trade but you at least have a road map
  • #612
  • Jul 4, 2017 6:09am Jul 4, 2017 6:09am
Quoting OAPDave
{quote} This is a very polite question, have you looked, read or watched any of the Murrey information that Mastermind as shown links to in Post 1, its a lot to take in and its not easy at first glance but well worth it ? even now I still struggle that's why Mastermind and this thread is so good to bounce ideas and thoughts to , you always get a thoughtful answer, I am not a fan of the Quad pattern but clearly understand why the boss is showing it, to me Murrey is all you need, its up to yourself if you want to find big runners or aim to put food...
Yes I read something, viewing the link to the materials Masterrmind suggested in the post n1. English is not my language and it is not so easy for me to read everything. I think to have understood the main principles like that the three different areas of trading, the fact that some levels are more important than other, that we have to expect a retracement to the previous MML that have a different % of probabilities depending on the place we are.... but I have no a deep knowledge, absolutely not. Maybe I will go into Murrey but at this moment I am focused on the principles that Masterrmind applied to this strategy. So prefer quad candle formation in the area of oversold-overbought and consider stop level and profit level pretty far away from the entry. I understand from your posts that you are mostly concentrate in Murrey and that you are not so confident in the quad pattern. I am however happy to read your posts and your imput althouth at this time, often, I don't understand what you wish to suggest. But, it is surely not for your fault but because I am not the right knowledge. Thank you
  • #613
  • Jul 4, 2017 6:18am Jul 4, 2017 6:18am
Quoting Eldero
{quote} Yes I read something, viewing the link to the materials Masterrmind suggested in the post n1. English is not my language and it is not so easy for me to read everything. I think to have understood the main principles like that the three different areas of trading, the fact that some levels are more important than other, that we have to expect a retracement to the previous MML that have a different % of probabilities depending on the place we are.... but I have no a deep knowledge, absolutely not. Maybe I will go into Murrey but at this moment...
No problem, its clear to me that you can trade well and following Mastermind will never do any harm
  • #614
  • Jul 4, 2017 7:24am Jul 4, 2017 7:24am
Quoting Eldero
{quote} Hi Masterrmind, my intention would be to move the stop at be if price reaches the level of 98,50 that would be approx the 38,2 fibo of the down movement and where there is an important level ex support now resistance....then if prices retraces at approx 97,50 I would consider an additional position. Regarding the profit, I would try to let the trade goes until the 4/8 that would be approx the top of the down movement. This would be the ideal scenario. Of course we are at the beginning of the trade and I am aware that market is not influenced...
Looks like you are attempting to trail your stops by fib ratios and add to positions based on 'small' pullbacks which is a time proven methodology.

What I tend to do though is in the early stages (usually within the first 150 - 200 pips in profit) is allow the trade to play out as much as possible.

Depending on where the key levels of resistance are located up the chart for long entries or support for short entries little adjustments can be made in terms of how best to trail your stop.

The greater the pips in profit the more a trader could start to trail a little more 'tightly' but always look at chart structure.

I see you are trying to read the support and resistance levels on the chart in confluence with the Fib ratios (perhaps) and this is good form.

The difficult part of this D1 approach is being patient enough to allow the trade time to unfold and get to the 150 - 200 pips ... many traders will struggle with this because they see 50 pips on the trade and instantly start thinking about taking profit.

This is human nature at work and the fear of losing that 'gained' profit.

This is also why a TP should be part of the plan so a trader has a 'reasonable' expectation of where price could go.

If a trader wants to take profit at 50 pips then better to trade an intraday chart setup which could be traded on say an M15 MML chart since this is the wrong approach entirely on a D1 setup.

I like the fact that you are attempting to concentrate on the longer term setups because this will teach you patience.

The patience part does not necessarily mean that it is going to take a long time to make some meaningful profit.

When the opportunity presents itself again and again at a reasonable risk to the account then multiple trades can be added.

I look forward to showing this on the small live account.

Masterrmind............
Master your Mind then Master your Trades
  • #615
  • Jul 4, 2017 7:43am Jul 4, 2017 7:43am
Hi...I've been playing around with a scanner to find potential trades...maybe it will help some...trend arrows are candles (1st arrow M1/M5/M15...etc) D1 is daily range, spread is spread.

Attached File(s)
File Type: ex4 QuadCandleDashboard.ex4   35 KB | 646 downloads
  • #616
  • Jul 4, 2017 7:48am Jul 4, 2017 7:48am
Quoting Eldero
{quote} Yes I read something, viewing the link to the materials Masterrmind suggested in the post n1. English is not my language and it is not so easy for me to read everything. I think to have understood the main principles like that the three different areas of trading, the fact that some levels are more important than other, that we have to expect a retracement to the previous MML that have a different % of probabilities depending on the place we are.... but I have no a deep knowledge, absolutely not. Maybe I will go into Murrey but at this moment...
The link to that material is for those traders who wish to know more about the Murrey Method.

It may or may not be useful for trading in the Quad-MML method.

As I've said before I only need the D1 chart and a P=64 and that serves very well on most of the trades provided some marlet common sense is applied and the chosen bias coincides.

Personally, I've studied the Murrey Method enough without ever purchasing the original course material and taken what I think works well and discarded most of it.

The Murrey purists would argue that since I did not take the full course then I cannot claim mastery of the material.

I would agree with this and that's fine since I never wish to be in any case.

Gann purists argue that Murrey 'stole' a small part of Ganns' material and buklt up an entire course from it.

If you ever decide to study Gann and Murrey you will know what I'm talking about but you can form your very own opinion.

I'm not sure you would want too nor need to devote this much study to learning these methods.

There is so much I could post here but I think its getting away from the importance of keeping the method as simple as it can be.

Simply apply Quad to the MML indicator and think about the fundamentals and trading should be reasonably straight forward.

I've attached a live trading account to this thread with full transparency for a reason.

I'm confident in the method.

Enough said.

Masterrmind.............
Master your Mind then Master your Trades
  • #617
  • Jul 4, 2017 8:04am Jul 4, 2017 8:04am
Quoting Masterrmind
{quote} The link to that material is for those traders who wish to know more about the Murrey Method. It may or may not be useful for trading in the Quad-MML method. As I've said before I only need the D1 chart and a P=64 and that serves very well on most of the trades provided some marlet common sense is applied and the chosen bias coincides. Personally, I've studied the Murrey Method enough without ever purchasing the original course material and taken what I think works well and discarded most of it. The Murrey purists would argue that since...
Thanks Mastermind I owe you so much for making a few things click with my understanding of Murrey, you run a great thread and a tight ship so as I do not want to be tagged as being a little disruptive with my constant Murrey charts that may or may not help or hinder, going to give it a rest but will watch the thread with great interest, do not know how you have the staying power to run this thread but please keep it going.
Thanks for everything and good luck.
Dave
ps Guys just follow this guy and you cannot fail.
  • #618
  • Jul 4, 2017 8:17am Jul 4, 2017 8:17am
Quoting ranger_lp
Hi...I've been playing around with a scanner to find potential trades...maybe it will help some...trend arrows are candles (1st arrow M1/M5/M15...etc) D1 is daily range, spread is spread. {file}
Its a good start and certainly helpful.

However, can you code it to have all the symbols on the brokerage visible, currencies, indices, cfd, commodities (soft and hard).

Perhaps 2 columns of data with 35 rows for 70 symbols per chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB

This would cater for most retail forex brokerage offerings.

Alternatively, If user input is coded into the dashboard then multiple templates could be saved with symbols of interest.

ps. is source file available?

Masterrmind.............
Master your Mind then Master your Trades
  • #619
  • Jul 4, 2017 8:21am Jul 4, 2017 8:21am
Quoting Masterrmind
{quote} Looks like you are attempting to trail your stops by fib ratios and add to positions based on 'small' pullbacks which is a time proven methodology. What I tend to do though is in the early stages (usually within the first 150 - 200 pips in profit) is allow the trade to play out as much as possible. Depending on where the key levels of resistance are located up the chart for long entries or support for short entries little adjustments can be made in terms of how best to trail your stop. The greater the pips in profit the more a trader could...
I totally agree with you and yes, I would like to trail my stops with levels and fibo and add positions on the retracements also in this case considering levels and fibo ratios. Also regarding the profit, trading in daily chart would not have sense to take the profit at 50 pips. I also have some trades with smaller targets, but they are taken on 5m, 15m or 1h tf. Patience is needed. The best thing would be not stay all the day in front of the pc but since the other trades on lower time frame I am often monitoring...It is not easy to keep separated the trades taken on lower time frames with the trades taken on daily tf. I will have to reach this level of discipline or I should decide to take only daily tf or lower tf....I am attaching the chart with my considerations, so that it can be more clear what I meant in my earlier post...
Attached Image (click to enlarge)
Click to Enlarge Name: USD-CHFpng.png Size: 107 KB
  • #620
  • Jul 4, 2017 8:40am Jul 4, 2017 8:40am
Quoting OAPDave
{quote} Thanks Mastermind I owe you so much for making a few things click with my understanding of Murrey, you run a great thread and a tight ship so as I do not want to be tagged as being a little disruptive with my constant Murrey charts that may or may not help or hinder, going to give it a rest but will watch the thread with great interest, do not know how you have the staying power to run this thread but please keep it going. Thanks for everything and good luck. Dave ps Guys just follow this guy and you cannot fail.
Thanks OAPDave but you are always welcome to post your MML charts.

In situations where the D1 setups are rather quiet then an intraday setup would be always high on the cards.

More so given a larger account balance but the 1K start was to fit in with the 'majority' of new traders so its a bit real for them too.

Masterrmind............
Master your Mind then Master your Trades
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